Asset Coverage Portfolio Principal Balance: Accrued Interest: Special Allowance (SAP) and Interest Subsidy payments (ISP) receivable Total Portfolio Student Loan Portfolio 11/30/2016 Activity 12/31/2016 $2,166,509,054 ($19,664,977) $2,146,844,077 $17,328,771 $34,637 $17,363,409 ($770,395) ($281,664) ($1,052,059) $2,183,067,431 ($19,912,004) $2,163,155,427 Fund Accounts 11/30/2016 Change 12/31/2016 Acquisition Fund $0 $0 $0 Administration Fund $1,201,735 $0 $1,201,735 Capitalized Interest Fund $0 $0 $0 Collection Fund $30,623,082 $18,457,068 $49,080,151 Debt Service Fund $42,000,000 $0 $42,000,000 Reserve Fund $17,842,433 $0 $17,842,433 Total Fund Account Balances $91,667,250 $18,457,068 $110,124,318 Cash in Transit $ 7,653,573 $ 3,309,519 $ 10,963,092 Total Assets $99,320,822 $21,766,588 $121,087,410 Notes Outstanding 11/30/2016 % of O/S 12/31/2016 % of O/S Pool Notes and Certificates Balance Securities Balance Securities Factor Student Loan Asset-Backed Notes, Series 2002 A-2 ARS $51,250,000 2.27% $51,250,000 2.27% Student Loan Asset-Backed Notes, Series 2002 A-3 ARS $65,500,000 2.90% $65,500,000 2.90% Student Loan Asset-Backed Notes, Series 2002 A-4 ARS $65,500,000 2.90% $65,500,000 2.90% Student Loan Asset-Backed Notes, Series 2002 A-5 ARS $51,250,000 2.27% $51,250,000 2.27% Student Loan Asset-Backed Notes, Series 2004-1A-1 FRN $0 0.00% $0 0.00% 0.0000000 Student Loan Asset-Backed Notes, Series 2004-1A-2 FRN $0 0.00% $0 0.00% 0.0000000 Student Loan Asset-Backed Notes, Series 2004-1A-3 FRN $0 0.00% $0 0.00% 0.0000000 Student Loan Asset-Backed Notes, Series 2004-1A-4 FRN $0 0.00% $0 0.00% 0.0000000 Student Loan Asset-Backed Notes, Series 2004-2A-1 FRN $0 0.00% $0 0.00% 0.0000000 Student Loan Asset-Backed Notes, Series 2004-2A-2 FRN $0 0.00% $0 0.00% 0.0000000 Student Loan Asset-Backed Notes, Series 2004-2A-3 FRN $61,407,000 2.72% $61,407,000 2.72% 0.2193107 Student Loan Asset-Backed Notes, Series 2004-2A-4 FRN $249,500,000 11.06% $249,500,000 11.06% 1.0000000 Student Loan Asset-Backed Notes, Series 2005-1A-1 FRN $0 0.00% $0 0.00% 0.0000000 Student Loan Asset-Backed Notes, Series 2005-1A-2 FRN $12,800,000 0.57% $12,800,000 0.57% 0.1081995 Student Loan Asset-Backed Notes, Series 2005-1A-3 FRN $227,900,000 10.10% $227,900,000 10.10% 1.0000000 Student Loan Asset-Backed Notes, Series 2005-1A-4 FRN $210,700,000 9.34% $210,700,000 9.34% 1.0000000 Student Loan Asset-Backed Notes, Series 2005-1A-5 RRN $67,342,000 2.99% $67,342,000 2.99% 0.2693680 Student Loan Asset-Backed Notes, Series 2007-1A-1 FRN $193,000,000 8.56% $193,000,000 8.56% 1.0000000 Student Loan Asset-Backed Notes, Series 2007-1A-2 RRN $200,000,000 8.87% $200,000,000 8.87% 1.0000000 Student Loan Asset-Backed Notes, Series 2007-1A-3 RRN $235,000,000 10.42% $235,000,000 10.42% 1.0000000 Student Loan Asset-Backed Notes, Series 2007-1A-4 ARS $82,050,000 3.64% $82,050,000 3.64% Student Loan Asset-Backed Notes, Series 2007-1A-5 ARS $82,025,000 3.64% $82,025,000 3.64% Student Loan Asset-Backed Notes, Series 2007-1A-6 ARS $82,025,000 3.64% $82,025,000 3.64% Student Loan Asset-Backed Notes, Series 2007-1A-7 ARS $82,025,000 3.64% $82,025,000 3.64% Student Loan Asset-Backed Notes, Series 2007-1A-8 ARS $82,025,000 3.64% $82,025,000 3.64% Senior Notes $2,101,299,000 93.16% $2,101,299,000 93.16% Student Loan Asset-Backed Notes, Series 2000 B ARS $9,500,000 0.42% $9,500,000 0.42% Student Loan Asset-Backed Notes, Series 2002 B-1 ARS $37,000,000 1.64% $37,000,000 1.64% Student Loan Asset-Backed Notes, Series 2004-1B-1 ARS $30,000,000 1.33% $30,000,000 1.33% Student Loan Asset-Backed Notes, Series 2004-2B ARS $25,500,000 1.13% $25,500,000 1.13% Student Loan Asset-Backed Notes, Series 2005-1B ARS $20,000,000 0.89% $20,000,000 0.89% Student Loan Asset-Backed Notes, Series 2007 B ARS $32,200,000 1.43% $32,200,000 1.43% Subordinate Notes $154,200,000 6.84% $154,200,000 6.84% $2,255,499,000 100.00% $2,255,499,000 100.00% Student Loan Portfolio Account Balances and Other Trust Assets Aggregate Value of Trust Estate Accrued Interest and Fees on Senior Notes Outstanding Senior Notes Asset Coverage Percentage 11/30/2016 Change 12/31/2016 $2,183,067,431 ($19,912,004) $2,163,155,427 $99,320,822 $21,766,588 $121,087,410 $2,282,388,253 $1,854,584 $2,284,242,837 $2,550,992 $1,788,431 $4,339,423 $2,101,299,000 $0 $2,101,299,000 Senior Asset Percentage 108.50% 0.00% 108.50% Accrued Interest and Fees on Senior and Subordinate Notes $2,667,074 $1,814,477 $4,481,551 Outstanding Senior and Subordinate Notes $2,255,499,000 $0 $2,255,499,000 Subordinate Asset Percentage 101.07% 0.00% 101.08% 1
Principal Interest ISP & SAP Portfolio Balances 11/30/2016 $2,166,509,054 $17,328,771 ($770,395) Principal Interest ISP & SAP Payments Received ($19,960,431) ($4,710,614) THE Bonus Applied ($117,010) ($1,168,154) Interest Subsidy Payments (ISP) $0 Special Allowance Payments (SAP) Total Cash Activity Portfolio Transactions and Accruals Student Loan Cash Activity $0 ($20,077,441) ($5,878,768) $0 Principal Interest ISP & SAP Borrower Interest Accruals $6,343,709 Interest Subsidy Payment (ISP) Accruals $87,488 Special Allowance Payment (SAP) Accruals ($369,152) Capitalized Interest Other Adjustments Total Non-Cash Activity Student Loan Non-Cash Activity $428,416 ($428,416) ($15,952) ($1,888) $0 $412,464 $5,913,405 ($281,664) Total Student Loan Activity ($19,664,977) $34,637 ($281,664) Portfolio Balances 12/31/2016 $2,146,844,077 $17,363,409 ($1,052,059) 2
Collection Activity Collection Fund During Collection Period Beginning Account Balance 11/30/2016 $30,623,082 Principal Payments Received $16,985,799 Interest Payments Received $5,660,890 Interest Subsidy Payments $0 Special Allowance Payments $0 Investment Income $7,329 Investment Income From Other Trust Funds $2,425 Transfers From Other Trust Funds $0 Total Funds Received $22,656,443 Payments for Waterfall Distribution $3,245,660 Transfers To Other Trust Funds $953,714 Total Use of Funds $4,199,375 Ending Account Balance 12/31/2016 $49,080,151 Administration Fund During Collection Period Beginning Account Balance 11/30/2016 $1,201,735 Investment Income $88 Transfers From Collection Fund $953,714 Total Sources of Funds $953,803 Administrative Allowance $910,006 Broker-Dealer Fees $24,477 Auction Agent Fees $4,895 Trustee Fees $14,336 Other Activity $0 Transfers To Collection Fund $88 Total Use of Funds $953,803 Ending Account Balance 12/31/2016 $1,201,735 3
Security Detail -- Collection Period Floating Rate and Reset Rate Notes -Interest Paid During Collection Period Payment Interest Number Start End Interest Security Description Date Rate of Days Date Date Payment Series 2004-1A-1 (Paid off) N/A N/A N/A N/A N/A $0 Series 2004-1A-2 (Paid off) N/A N/A N/A N/A N/A $0 Series 2004-1A-3 (Paid off) N/A N/A N/A N/A N/A $0 Series 2004-1A-4 (Paid off) N/A N/A N/A N/A N/A $0 Series 2004-2A-1 (Paid off) N/A N/A N/A N/A N/A $0 Series 2004-2A-2 (Paid off) N/A N/A N/A N/A N/A $0 Series 2004-2A-3 30-Jan-2017 1.06039% 94 10/28/16 01/29/17 $0 Series 2004-2A-4 30-Jan-2017 1.12039% 94 10/28/16 01/29/17 $0 Series 2005-1A-1 (Paid off) N/A N/A N/A N/A N/A $0 Series 2005-1A-2 30-Jan-2017 1.02039% 94 10/28/16 01/29/17 $0 Series 2005-1A-3 30-Jan-2017 1.06039% 94 10/28/16 01/29/17 $0 Series 2005-1A-4 30-Jan-2017 1.12039% 94 10/28/16 01/29/17 $0 Series 2005-1A-5 30-Jan-2017 1.64039% 94 10/28/16 01/29/17 $0 Series 2007-1A-1 30-Jan-2017 0.99039% 94 10/28/16 01/29/17 $0 Series 2007-1A-2 30-Jan-2017 1.64039% 94 10/28/16 01/29/17 $0 Series 2007-1A-3 30-Jan-2017 1.64039% 94 10/28/16 01/29/17 $0 Payments Made During the Collection Period $0 Auction Rate Securities - Interest and Fees Paid During Collection Period Payment Interest Number Start End Interest Broker-Dealer Auction Agent Security Description Date Rate of Days Date Date Payment Fees Fees Series 2002 A-2 Notes 16-Dec-2016 2.869% 28 11/18/2016 12/15/2016 $112,487 $1,395 $279 Series 2002 A-3 Notes 2-Dec-2016 2.417% 28 11/04/2016 12/01/2016 $121,114 $1,974 $395 Series 2002 A-4 Notes 12-Dec-2016 2.600% 28 11/14/2016 12/11/2016 $130,284 $1,783 $357 Series 2002 A-5 Notes 16-Dec-2016 3.119% 28 11/18/2016 12/15/2016 $122,289 $1,395 $279 Series 2000 B Notes 20-Dec-2016 3.919% 28 11/22/2016 12/19/2016 $28,482 $259 $52 Series 2002 B-1 Notes 23-Dec-2016 4.383% 28 11/25/2016 12/22/2016 $124,065 $1,007 $201 Series 2004-1 B-1 Notes 28-Dec-2016 1.617% 28 11/30/2016 12/27/2016 $37,730 $817 $163 Series 2004-2B Notes 8-Dec-2016 1.668% 28 11/10/2016 12/07/2016 $33,082 $694 $139 Series 2005-1B Notes 14-Dec-2016 1.668% 28 11/16/2016 12/13/2016 $25,947 $544 $109 Series 2007-1A-4 Notes 1-Dec-2016 1.936% 28 11/03/2016 11/30/2016 $123,549 $2,234 $447 29-Dec-2016 2.029% 28 12/01/2016 12/28/2016 $129,484 $2,234 $447 Series 2007-1A-5 Notes 2-Dec-2016 1.938% 28 11/04/2016 12/01/2016 $123,639 $2,472 $494 Series 2007-1A-6 Notes 7-Dec-2016 1.668% 28 11/09/2016 12/06/2016 $106,414 $2,233 $447 Series 2007-1A-7 Notes 8-Dec-2016 1.985% 28 11/10/2016 12/07/2016 $126,637 $2,233 $447 Series 2007-1A-8 Notes 9-Dec-2016 1.986% 25 11/14/2016 12/08/2016 $113,126 $2,233 $447 Series 2007-B Notes 2-Dec-2016 1.668% 28 11/04/2016 12/01/2016 $41,774 $970 $194 Payments Made During Collection Period $1,500,104 $24,477 $4,895 Interest Payments Paid During Collection Period $1,500,104 Broker-Dealer Fees Paid During Collection Period $24,477 Auction Agent Fees Paid During Collection Period $4,895 Trustee Fee Paid During Collection Period $14,336 Total Payments Made During Collection Period $1,543,812 4
Security Detail -- Future Distributions Future Interest Distributions on Floating Rate Notes Security Payment Interest Number Start End Interest Description Date Rate of Days Date Date Payment Series 2004-1A-1 (Paid off) N/A N/A N/A N/A N/A $0 Series 2004-1A-2 (Paid off) N/A N/A N/A N/A N/A $0 Series 2004-1A-3 (Paid off) N/A N/A N/A N/A N/A $0 Series 2004-1A-4 (Paid off) N/A N/A N/A N/A N/A $0 Series 2004-2A-1 (Paid off) N/A N/A N/A N/A N/A $0 Series 2004-2A-2 (Paid off) N/A N/A N/A N/A N/A $0 Series 2004-2A-3 30-Jan-2017 1.060390% 94 10/28/2016 1/29/2017 $170,023 Series 2004-2A-4 30-Jan-2017 1.120390% 94 10/28/2016 1/29/2017 $729,903 Series 2005-1A-1 (Paid off) N/A N/A N/A N/A N/A $0 Series 2005-1A-2 30-Jan-2017 1.020390% 94 10/28/2016 1/29/2017 $34,104 Series 2005-1A-3 30-Jan-2017 1.060390% 94 10/28/2016 1/29/2017 $631,009 Series 2005-1A-4 30-Jan-2017 1.120390% 94 10/28/2016 1/29/2017 $616,395 Series 2005-1A-5 30-Jan-2017 1.640390% 94 10/28/2016 1/29/2017 $288,442 Series 2007-1A-1 30-Jan-2017 0.990390% 94 10/28/2016 1/29/2017 $499,102 Series 2007-1A-2 30-Jan-2017 1.640390% 94 10/28/2016 1/29/2017 $856,648 Series 2007-1A-3 30-Jan-2017 1.640390% 94 10/28/2016 1/29/2017 $1,006,562 Total Floating Rate Note Set Aside $4,832,187 Future Distributions on Auction Rate Securities Security Payment Interest Number Start End Interest Broker-Dealer Auction Agent Description Date Rate of Days Date Date Payment Fees Fees Series 2002 A-2 Notes 13-Jan-2017 3.325% 28 12/16/2016 1/12/2017 $130,519 $1,395 $279 Series 2002 A-3 Notes 3-Jan-2017 3.924% 32 12/2/2016 1/2/2017 $224,757 $1,528 $306 27-Jan-2017 2.305% 24 1/3/2017 1/26/2017 $99,273 $1,783 $357 Series 2002 A-4 Notes 9-Jan-2017 4.174% 28 12/12/2016 1/8/2017 $209,320 $1,783 $357 Series 2002 A-5 Notes 13-Jan-2017 3.975% 28 12/16/2016 1/12/2017 $156,033 $1,395 $279 Series 2000 B Notes 17-Jan-2017 3.185% 28 12/20/2016 1/16/2017 $23,184 $259 $52 Series 2002 B-1 Notes ** 20-Jan-2017 3.129% 28 12/23/2016 1/19/2017 $88,734 $1,007 $201 Series 2004-1 B-1 Notes** 25-Jan-2017 1.761% 28 12/28/2016 1/24/2017 $41,090 $817 $163 Series 2004-2B Notes 5-Jan-2017 1.818% 28 12/8/2016 1/4/2017 $36,057 $694 $139 Series 2005-1B Notes 11-Jan-2017 1.818% 28 12/14/2016 1/10/2017 $28,280 $544 $109 Series 2007-1A-4 Notes 26-Jan-2017 2.122% 28 12/29/2016 1/25/2017 $135,419 $2,234 $447 ** Series 2007-1A-5 Notes 3-Jan-2017 2.047% 32 12/2/2016 1/2/2017 $149,249 $1,914 $383 27-Jan-2017 2.223% 24 1/3/2017 1/26/2017 $121,561 $2,233 $447 Series 2007-1A-6 Notes 4-Jan-2017 1.818% 28 12/7/2016 1/3/2017 $115,983 $2,233 $447 Series 2007-1A-7 Notes 5-Jan-2017 2.013% 28 12/8/2016 1/4/2017 $128,424 $2,233 $447 Series 2007-1A-8 Notes 6-Jan-2017 2.029% 28 12/9/2016 1/5/2017 $129,445 $2,233 $447 Series 2007-B Notes 3-Jan-2017 1.818% 32 12/2/2016 1/2/2017 $52,035 $751 $150 27-Jan-2017 1.818% 24 1/3/2017 1/26/2017 $39,026 $877 $175 Auction Rate Note Set Aside $1,908,389 $25,913 $5,183 ** Estimated Broker-Dealer and Auction Agent Fees Total Interest Payments Set Aside $6,740,576 Broker-Dealer Fees Transfer to Administration Fund $25,913 Auction Agent Fees Transfer to Administration Fund $5,183 Trustee Fee Transfer to Administration Fund $14,336 Total Funds Set Aside $6,786,008 5
Portfolio Status Status In School Grace Deferment Forbearance Repayment Grand Total Borrower Status Principal Amount Percentage Number of Loans 11/30/2016 12/31/2016 11/30/2016 12/31/2016 11/30/2016 12/31/2016 $525,651 $514,420 0.02% 0.02% 115 111 $198,900 $200,479 0.01% 0.01% 36 36 $41,460,428 $40,106,594 1.91% 1.87% 3,127 2,992 $65,866,771 $57,959,237 3.04% 2.70% 3,234 2,897 $2,058,457,304 $2,048,063,347 95.01% 95.40% 92,548 92,205 $2,166,509,054 $2,146,844,077 100.00% 100.00% 99,060 98,241 Repayment Current 31-60 Day Delinquent 61-90 Day Delinquent 91-120 Day Delinquent 121-150 Day Delinquent 151-180 Days Delinquent > 180 Days Delinquent Claims Filed Total Repayment 30 + Days Delinquent 60 + Days Delinquent 90 + Days Delinquent Delinquency Statistics $2,019,615,362 $2,007,741,318 98.11% 98.03% 90,429 90,015 $14,303,035 $14,296,301 0.69% 0.70% 742 769 $7,189,552 $7,383,868 0.35% 0.36% 377 390 $4,237,996 $5,431,609 0.21% 0.27% 241 253 $3,774,509 $3,148,500 0.18% 0.15% 238 160 $1,673,347 $2,813,539 0.08% 0.14% 113 219 $5,116,147 $5,205,575 0.25% 0.25% 270 287 $2,547,356 $2,042,638 0.12% 0.10% 138 112 $2,058,457,304 $2,048,063,347 100.00% 100.00% 92,548 92,205 $36,294,587 $38,279,391 1.76% 1.87% 1,981 2,078 $21,991,552 $23,983,090 1.07% 1.17% 1,239 1,309 $14,801,999 $16,599,222 0.72% 0.81% 862 919 Portfolio Characteristics Discipline Amount Percentage Number of Loans 11/30/2016 12/31/2016 11/30/2016 12/31/2016 11/30/2016 12/31/2016 Med $1,155,705,144 $1,145,597,737 53.34% 53.36% 34,803 34,539 Med (Health Professional) $350,287,511 $346,857,428 16.17% 16.16% 16,487 16,358 Law/MBA $375,744,543 $372,606,895 17.34% 17.36% 20,814 20,681 Other - Graduate $140,192,364 $138,918,474 6.47% 6.47% 9,763 9,690 Other - Undergraduate $144,579,492 $142,863,543 6.67% 6.65% 17,193 16,973 Total $2,166,509,054 $2,146,844,077 100.00% 100.00% 99,060 98,241 School Type Amount Percentage Number of Loans 11/30/2016 12/31/2016 11/30/2016 12/31/2016 11/30/2016 12/31/2016 Two Year Institution $305,883 $305,316 0.01% 0.01% 21 21 Proprietary School $2,120,869 $2,081,732 0.10% 0.10% 484 474 Undergraduate - 4 Year Institution $213,058,946 $210,702,263 9.83% 9.81% 20,059 19,820 Graduate $1,951,023,357 $1,933,754,767 90.05% 90.07% 78,496 77,926 Total $2,166,509,054 $2,146,844,077 100.00% 100.00% 99,060 98,241 Loan Type Amount Percentage Number of Loans 11/30/2016 12/31/2016 11/30/2016 12/31/2016 11/30/2016 12/31/2016 Subsidized Stafford $58,300,913 $57,468,124 2.69% 2.68% 14,003 13,840 Unsubsidized Stafford $121,838,668 $120,049,973 5.62% 5.59% 11,856 11,735 PLUS Loans $1,935,365 $1,914,131 0.09% 0.09% 304 298 GradPLUS Loans $4,900,253 $4,845,384 0.23% 0.23% 313 307 Consolidation $1,979,533,855 $1,962,566,464 91.37% 91.42% 72,584 72,061 Total $2,166,509,054 $2,146,844,077 100.00% 100.00% 99,060 98,241 11/30/2016 12/31/2016 Weighted Average Coupon (WAC ) 3.53% 3.53% Weighted Average Remaining Term: 248.21 247.50 Number of Loans 99,060 98,241 Number of Borrowers 38,351 38,055 Outstanding Loans SAP Indexed to CP/LIBOR (starting 4/1/2012) $2,164,898,710 $2,145,248,893 Outstanding Loans SAP Indexed to T-bill $1,610,344 $1,595,184 CP/LIBOR Based Percent 99.93% 99.93% T-bill Based Percent 0.07% 0.07% 6
Triggers Triggers Dates Capitalized Interest Account Step-down Dates January 28, 2010 - April 27, 2010 $21,372,375 April 28, 2010 - July 27, 2010 $14,772,375 July 28, 2010 - October 27, 2010 $3,272,375 October 28, 2010 - $0 Net Loan Rate Trigger Date N/A Senior Asset Percentage 108.50% Subordinate Asset Percentage 101.08% 7
Waterfall for Distributions Waterfall Fund Balance Calculation Date 1/20/2017 Deposits 12/31/2016 Total Available Funds (Collection Account Balance) $49,080,151 First Payments required under a Joint Sharing Agreement $0 $49,080,151 Second Payments Due the Department of Education a) Consolidation Loan Fees $1,730,190 $47,349,960 a) Quarterly SAP and excess interest $1,052,059 $46,297,901 Third Administrative Fund for Administrative and Servicing Fees $947,295 $45,350,607 Fourth Interest on Notes for Payment of Interest Accruing or Coming Due on Senior Notes $6,432,170 $38,918,437 Fifth Principal on Notes for Principal Payments coming Due on Senior Notes $0 $38,918,437 a) 2004-1 Principal Payments Coming Due b) 2004-2 Principal Payments Coming Due c) 2005-1 Principal Payments Coming Due d) 2007-1 Principal Payments Coming Due Sixth Interest on Notes for Payment of Interest Accruing or Coming Due on Subordinate Notes $308,407 $38,610,030 Seventh Principal Account for Principal on Subordinate Notes Due in Coming Month a) 2004-1 Principal Payments Coming Due b) 2004-2 Principal Payments Coming Due c) 2005-1 Principal Payments Coming Due d) 2007-1 Principal Payments Coming Due Eighth Reserve Fund Ninth Interest Account for Interest on Junior Subordinate Notes Tenth Principal Account for Principal on Junior Subordinate Notes Eleventh Retirement Account Deposit for Scheduled Principal Distributions a) 2004-1 Retirement Account for Scheduled Principal Distribution b) 2004-2 Retirement Account for Scheduled Principal Distribution c) 2005-1 Retirement Account for Scheduled Principal Distribution d) 2007-1 Retirement Account for Scheduled Principal Distribution Twelfth Remarketing fees in excess of previously set aside Thirteenth THE Bonus Fourteenth Retirement Account for Scheduled Principal Distributions (Balance of the next schedule distribution) a) 2004-1 Retirement Account for Scheduled Principal Distribution b) 2004-2 Retirement Account for Scheduled Principal Distribution c) 2005-1 Retirement Account for Scheduled Principal Distribution $7,346,044 $31,263,987 d) 2007-1 Retirement Account for Scheduled Principal Distribution Fifteenth Until Senior Asset Percentage is 105.00% to Retirement Account for Scheduled Principal Distributions (Acquisition Fund during revolving period) Sixteenth Interest Account for Carryover Amounts and Interest on Senior Notes Seventeenth Interest Account for Carryover Amounts and Interest on Subordinate Notes Eighteenth Interest Account for Termination Payments Due Under Senior Swap Agreements Nineteenth Interest Account for Termination Payments Due Under Subordinate Swap Agreements Twentieth Acquisition Fund (Revolving period only) Twenty-First Until Subordinate Asset Percentage is 100.75% Retirement Account for Redemption or Distribution of Principal with respect to Notes (Acquisition Fund during Revolving Period) Twenty-Second Interest Account to pay carry-over with respect to senior 2007-1 auction Notes Twenty-third Interest Account to pay carry-over with respect to subordinate 2007-1 auction Notes Twenty-fourth Interest Account to pay carry-over with respect to junior 2007-1 auction Notes Twenty-fifth Retirement Account for redemption of, or distribution of principal Twenty-Sixth Funds to Issuer (Subject to release levels) Unencumbered Funds Remaining in Collection Fund $31,263,987 8
Trend Key Statistics May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Asset Backed Securities $2,343,054,000 $2,343,054,000 $2,298,799,000 $2,298,799,000 $2,298,799,000 $2,255,499,000 $2,255,499,000 $2,255,499,000 Portfolio Principal Balance $2,283,286,973 $2,266,041,890 $2,247,659,337 $2,225,614,022 $2,205,845,473 $2,186,052,482 $2,166,509,054 $2,146,844,077 Portfolio Accrued Interest $19,023,973 $18,641,935 $17,423,471 $17,297,261 $16,937,271 $17,352,829 $17,328,771 $17,363,409 SAP & ISP Receivable -$1,058,868 -$1,590,632 -$2,071,312 -$955,443 -$1,409,424 -$1,757,518 -$770,395 -$1,052,059 Total Loan Portfolio Number of Loans Number of Borrowers $2,301,252,078 $2,283,093,193 $2,263,011,495 $2,241,955,841 $2,221,373,320 $2,201,647,793 $2,183,067,431 $2,163,155,427 104,242 103,484 102,571 101,513 100,721 99,892 99,060 98,241 40,206 39,926 39,591 39,242 38,944 38,641 38,351 38,055 Borrower Principal Payments Borrower Interest Payments Weighted Average Coupon (WAC) Weighted Average Remaining Term $18,983,328 $17,741,716 $20,097,724 $22,393,811 $20,209,981 $19,894,135 $19,529,365 $19,960,431 $4,716,654 $4,978,577 $4,809,997 $5,017,534 $4,931,975 $4,641,595 $4,900,870 $4,710,614 3.52% 3.52% 3.54% 3.54% 3.54% 3.53% 3.53% 3.53% 251.92 251.20 250.50 249.83 249.16 248.45 248.21 247.50 Senior Asset Percentage 108.34% 108.39% 108.08% 108.13% 108.28% 108.49% 108.50% 108.50% Subordinate Asset Percentage 101.20% 101.25% 100.83% 100.87% 101.02% 101.06% 101.07% 101.08% 9
Maximum Rate -- Lesser of the Following A per annum interest rate which when taken together with the interest rate for the one year period ending on the final day of the proposed auction period results in an average interest rate for such period not being in excess of: Maximum Auction Rate -- (i.e. T-bill Cap) 2000B 2002A 2002B 2004-1 B 2004-2 B 2005-1 B 2007-1 A 2007-1B a) the average of the 91 Day T-bill rate plus 1.20% if rating is Aa3 or AA- or better b) the average of the 91 Day T-bill rate plus 1.50% if rating is less than Aa3 or AA- but all are at least any category of A c) the average of the 91 day T-bill plus 1.75% if rating is less than lowest category of A 1.20% 1.20% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 2000B 2002A 2002B 2004-1 B 2004-2 B 2005-1 B 2007-1 A 2007-1B Lesser of : a) stated per annum interest rate 18.00% 18.00% 18.00% 18.00% 18.00% 18.00% 18.00% 18.00% b) highest rate Issuer may legally pay LIBOR Cap 2000B 2002A 2002B 2004-1 B 2004-2 B 2005-1 B 2007-1 A 2007-1B a) One-Month LIBOR b) Plus spread (i.e. 1.0%) 1.00% 1.50% 1.50% 1.50% 1.50% Net Loan Rate The rate of interest per annum equal to the Adjusted Student Loan Portfolio Rate of Return for the calendar month less the Program Expense Percentage a) Adjusted Portfolio Rate of Return -- multiply components listed below by 12 to annualize and divide by the Average Daily Outstanding Principal Balance A) Interest 1) Interest Revenue 2) Interest Subsidy 3) Special Allowance Payments B) Counter Party Swap Payments C) Amount required to be paid to the DOE or to be repaid to Guarantee Agencies with respect to Financed Student Loans that do not qualify for Guarantees D) The aggregate amount of default claims filed during the month with respect to Financed Student Loans which 1) Exceed the amount the related Guarantee Agency is required to pay 2) are payable only by a Guarantor that is in default of its Guarantee obligations and has not provided collateral security sufficient to pay claims 2000B 2002A 2002B 2004-1 B 2004-2 B 2005-1 B 2007-1 A 2007-1B $6,343,708.75 $6,343,708.75 $6,343,708.75 $6,343,708.75 $6,343,708.75 $6,343,708.75 $6,343,708.75 $87,487.54 $87,487.54 $87,487.54 $87,487.54 $87,487.54 $87,487.54 $87,487.54 ($369,152.00) ($369,152.00) ($369,152.00) ($369,152.00) ($369,152.00) ($369,152.00) ($369,152.00) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 ($1,730,190.15) ($1,730,190.15) ($1,730,190.15) ($1,730,190.15) ($1,730,190.15) ($1,730,190.15) ($1,730,190.15) $ (32,165.57) $ (32,165.57) $ (32,165.57) $ (32,165.57) $ (32,165.57) $ (32,165.57) $ (32,165.57) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 E) any reduction in interest as a result of borrower incentive programs * $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 F) any issuer Swap Payments $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Total $4,299,688.57 $4,299,688.57 $4,299,688.57 $4,299,688.57 $4,299,688.57 $4,299,688.57 $4,299,688.57 Annualized $51,596,262.84 $51,596,262.84 $51,596,262.84 $51,596,262.84 $51,596,262.84 $51,596,262.84 $51,596,262.84 Average Daily Balance $2,162,974,597 $2,162,974,597 $2,162,974,597 $2,162,974,597 $2,162,974,597 $2,162,974,597 $2,162,974,597 Adjusted Portfolio Rate of Return 2.390% 2.390% 2.390% 2.390% 2.390% 2.390% 2.390% Less b) Program Expense Percentage A) Note Fees i) Broker-Dealer Fee ii) Auction-Agent Fee iii) Trustee Fee Maximum Interest Rate 0.0350% 0.0350% 0.0350% 0.0350% 0.0350% 0.0350% 0.0350% 0.0070% 0.0070% 0.0070% 0.0070% 0.0070% 0.0070% 0.0070% 0.0100% 0.0100% 0.0100% 0.0100% 0.0100% 0.0100% 0.0100% C) Marketing Expense 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% D) Servicing Expense 0.5000% 0.5000% 0.5000% 0.5000% 0.5000% 0.5000% 0.5000% Net Loan Rate 1.8380% 1.8380% 1.8380% 1.8380% 1.8380% 1.8380% 1.8380% * T.H.E. Bonus is currently not being paid. Reduction in Interest is the result of PLUS Origination Fee Rebates 10